Proposed Accounting Standards Update STAFF DRAFT Financial Statement Presentation ST A FF D R A FT — SU B JE C July 1‚ 2010 T TO C H A N of an Exposure Draft on G E Notice to Recipients of this Staff Draft of an Exposure Draft on Financial Statement Presentation This staff draft of an Exposure Draft has been prepared by the staff of the FASB and the IASB (Boards) for the Boards’ joint project to develop a standard on financial statement
Premium Financial statements International Financial Reporting Standards Asset
issuer’s reported financial condition and results of operations‚ which could lead to inappropriate decisions taken by investors. Followed by the increased use of employee stock options and the surrounding controversy of its recording method‚ on the year 1996 the fair value method was introduced to be used as an alternative to the intrinsic method and on 2004 the intrinsic value method was completely discontinued. The Fair value method represent a better approach to the benefit of financial statements
Premium International Financial Reporting Standards Strike price Put option
This work of ACC 460 Week 4 DQs consists of: DQ1: 1. What financial statements are required of not-for-profit organizations? 2. How are they different or comparable to those provided by organizations that operate for profit? 3. How does the retained earnings section of for-profit organizations differ from that of the net assets section of not-for-profits? DQ2: 1. What are the three classifications of net assets established by FASB Statement 117? 2. How are these
Premium Non-profit organization Financial Accounting Standards Board Non-profit organizations
Summarize the interaction between this group and FASB in addition to arguments for and against the new group | The Financial Accounting Foundation (FAF)‚ in May of 2012‚ has established The Private Company Council (PCC) to serve as the primary advisory body to the Financial Accounting Standards Board (FASB) for private company matters. Using the U.S. Generally Accepted Accounting Principles (U.S. GAAP) as a guide‚ the PCC will recommend modifications to FASB to create a “private company GAAP.”
Premium Privately held company Public company Financial statements
also describe the qualities of good accounting information; the differences in accrual based and cash based accounting; and the different types of business structures. General Accepted Accounting Principles (GAAP) Generally Accepted Accounting Principles (GAAP) is a term used to refer to the standard framework of guidelines for financial accounting used in any given jurisdiction which are generally known as Accounting Standards. GAAP includes the standards‚ conventions‚ and rules accountants
Premium Financial Accounting Standards Board Certified Public Accountant Decision making
paramount step towards a unified global accounting standard. In this document‚ both U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Boards (IASB) (the Boards) “each acknowledge their commitments to the development of high quality‚ compatible accounting standards that could be used for both domestic and cross-border financial reporting.” (MoU Progress Report‚ 2008) In 2006‚ and subsequently updated in 2008‚ the boards agreed on a Memorandum of Understanding
Premium International Financial Reporting Standards Financial Accounting Standards Board Financial statements
among countries is tighter and tighter. The existence of different local accounting standards becomes an obstacle in international financial area. Incompatible financial data‚ unacceptable game rules to regulate the behavior of multinational companies and indefinite financial performance in the eye of international investors are strong evidences. As a result of these problems‚ harmonization of the international accounting standards will not be a dream any more. In 1973‚ Canada‚ Japan‚ Australia‚ France
Premium Globalization International Financial Reporting Standards Economics
Properly accounting for subsequent events is important because investors’ opinions could be dramatically altered by the events and transactions that occur after year end. If subsequent events are not given proper consideration‚ the financial statements that are issued at year-end may be misleading. Accounting Standards Codification (ASC) 855 provides guidance on the proper accounting for and disclosure of subsequent events. Due to the potential impact subsequent events may have on the financial statements
Premium Balance sheet Financial statements Financial Accounting Standards Board
607 – Financial Accounting The Nature and Purpose of Accounting Accounting Purpose and Process 1 MBA 607 – Financial Accounting The Nature and Purpose of Accounting 1. The Need for Accounting Information 2. The Accounting Profession 3. Financial Statements Accounting Purpose and Process 2 MBA 607 – Financial Accounting 1. The need for Accounting Information A. Framework Stakeholders (creditors‚ shareholders‚ regulators) in an entity require quantitative information on the financial performance
Premium Balance sheet International Financial Reporting Standards Financial statements
accomplishing practical tasks. Because public finance relates to government activities the paper will also contrast governmental accounting with nongovernmental accounting. The main point for the governments finance reporting is its accountability. After providing the overview of the different accounting methods the paper will explain the relationship between budgeting and financial reporting in government. Before we can discuss public finance we will need to understand what it is. Public Finance is
Premium Government Budget Finance